Is a one-dollar-per-day crypto investment plan viable?

[Ygritte 42]

Is a daily investment of $1 in cryptocurrency sufficient? I make up to $10 per day and don't want anything that will tie me down financially because I have other things I'm spending the money for, such as duties, so all I can afford is $1 per day. Is BTC the best option with $1 per day?

[Karloof 9]

Is it a smart idea to invest $1 in Bitcoin or another cryptocurrency? I'm aware of a $5 daily Bitcoin investment that can return a profit of $20,405 over the course of 5 years.

If you had to choose, which cryptocurrency would you invest in?

[Luxuriousde 23]

In my opinion, 10% of your income is a reasonable amount, therefore I'd say go for it. Just keep in mind that with that amount, you're unlikely to become wealthy with bitcoin, but it might certainly help you increase your earnings by a significant amount if everything goes well.

Also, a short reminder that you should be looking for new ways to supplement your present income or find new sources of money on a regular basis.

[SmartestRedstone 56]

If that's all you can afford right now, it's better than having no investment strategy. If you're going to buy bitcoin, that amount is a nice place to start, but my recommendation is to store it up to a week and then buy it when the price appears to be falling.

It's preferable to have this initiative than to have none. You can think of it as a savings account, but with a better option because you'll be investing in bitcoin. Also, if you have any immediate plans to increase your income, do not hesitate to deduct that percentage from your daily earnings.

[ComputerWitherSkeleton 51]

It all depends on where you put your money. Also, how long do you want to keep that investment? So it's difficult to say whether $1 per day is good or bad without knowing your individual goals and intentions. On paper, that appears to be a modest sum, but just to clarify, if you invested $1 every day for two years in a bear market into, say, BTC or ETH, and then reaped the benefits when the bull market began, that does not appear to be a small sum.

[BiomeSupergirl 39]

It's unquestionably preferable to nothing. "Enough" is a subjective term that varies from person to person and country to country.

Also keep in mind that you won't likely deposit each dollar separately, won't buy BTC for each dollar separately, and withdrawals to your own wallet aren't cheap, so you'll need to double-check all the costs and budget accordingly. Fees might be a major issue for such modest amounts, especially if you aren't diligent.

[SpawnBlackPanther 11]

Exactly. Also, with a noncustodial wallet, I'm curious what the charge for 1 input and 365 outputs (1 year) would be. Maliceprime should have a weekly or monthly savings strategy in place so that this can be accomplished.

This is an excellent opportunity to start a savings plan, as bitcoin has already dropped from $69000 to roughly $40000. I will just advise you to never sell if you notice the price dropping further; instead, stick to your savings plan for as long as you want to save; you will profit from it in the future.

[TechieSilverfish 20]

It is unquestionably worthwhile to pursue your goal and make daily investments, in my opinion. Your efforts will be rewarded in the future. Will be similar to people who "purchase lottery tickets every day/week for many years and then win the jackpot one day." Only the amount you wish to invest perplexes me. Any investment is beneficial, but a one-dollar investment? How are you going to acquire $1 worth of Bitcoin without losing money on fees? I'm sure the shop where you'll buy Bitcoin includes fees or a minimum purchase amount. Fees are your primary adversary. As a result, I recommend investing weekly rather than daily.

[Raziki 52]

According to the OP, it earns $10 per day, or $300 per month, thus it will set away $30 per month to invest in Bitcoin or another altcoin. Although it may appear to be a modest amount, I believe it is sufficient to begin with, especially if the quantity does not have a substantial impact on daily life.

As other users have already stated, while dealing with such little quantities, one should always be cautious of costs when transferring money to a crypto exchange or withdrawing cryptocurrency from a non-custodial wallet. As a result, the OP's only rational option is to deposit $30 every month on a cryptocurrency exchange, buy the coin, and then withdraw to his wallet after a few months. Of course, the OP can always choose to store coins on the exchange; the danger is always present, but the fees will be significantly reduced.

[TheEnd 28]

It's best to invest weekly to reduce the daily charge sent to your custodial wallet; 1 dollar per day equals $7 per week, which is still reasonable.

[BiomeDaredevil 51]

That's great that you want to put your small sums into crypto, but what exact currency are you talking about for these investments?

If I'm talking about coins, my advise is to stick to bitcoin rather than looking into altcoins, which are usually shitcoins that don't provide any value to people, so keep that in mind.

I've been a DCA investor for a few months and intend to continue.

This is pleasant counsel to you because, if you grasp bitcoin, you will discover that it is the best and most practical deflationary money in which to invest.

So just go for it.

Now the money for you is $1 every day, but the fees will be significant, therefore the best option for you is to invest $30 monthly, which is the greatest option for you using the DCA method if you are aware of it.

In your mind, the goal should be long term, with no expectation of selling immediately because you would have earned nothing from your stockpile.

So, without getting too worked up over the dips, wait a little and invest this amount.

If you're consistent and believe in bitcoin, you'll make a lot of money.